Well, I'd imagine that it could write out a raw Ethernet packet(s) just as easily as it could obliterate the screen buffer with text... if not easier. I'm not asking for anything fancy here... just something that could be potentially caught.
Also, I realize that writing to disc is something that is unlikely... a floppy disc, maybe... but of course, must Macs running OS X probably don't have a floppy, and if they did, it's probably a USB one... so, it's not going there. Hard drive would open the possibility of corrupting data, not a good thing.
So, that would leave the ethernet port... something that if it was written to, isn't likely to cause problems. I would recommend some kind of packet outside of the IP protocol... this way, it wouldn't rely on having a certain IP address on the network or requiring additional configuration.
This isn't that hard to do... the fact that the kernel can catch the fatal error means that something could be done... if they wanted to, they could try to recover... but this is something that is very hard to do... especially since this is an unexpected event. In fact, with the Mach kernel, they could run the OS in a segmented off area, and when the OS panics, it could record what happened, and restart the OS inside the same kernel... of course, this would require a simplification of what the kernel does, at a cost of speed to the rest of the OS, which is why it won't be done...
but, dumping a packet (or two) out the ethernet port as it's dying would be a completely acceptable (and reasonable) alternative...
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dennis